Penalty of equal amount for receiving cash over Rs 3 Lakhs

Monday, February 6, 2017, 1:00 PM

In order to check generation of black money, government has decided to impose penalty for those accepting cash in excess of Rs 3 lakhs to settle any transaction. A ban on cash transactions of more than Rs 3 lakhs, has been proposed in the Budget for 2017-18. Revenue Secretary Hasmukh Adhia said, receiver will have to pay an amount equivalent to the cash received.